Support Board
Date/Time: Thu, 28 Nov 2024 03:55:50 +0000
help with breakeven orders
View Count: 450
| [2023-05-30 13:16:16] |
| Ed Goppelt - Posts: 41 |
|
I need help with some attached orders I'm trying to develop. I think (but am not sure) that breakeven orders would do the trick, but so far I've been unhappy with the results. Can you help? Big picture, I want a single multipurpose stop order, if possible, that will ride herd over four profit takers. The order will protect me if price moves against me from the start and also if I book some profit before the market turns. Desired behavior: stop order will hang out at least 1 ATR-daily from the market price to give my setup lots of room. It will behave initially as a trail stop order. If the first profit taker is hit, the stop order will cross price and move a shorter distance from the former position of the profit taker and resume trailing to lock in my profits. I have tried the following: 1. A triggered trail stop with BE triggered by "Offset in Ticks Triggered." 2. A trailing stop with BE triggered by "Trail to Breakeven" 3. Just a simple sequence of profit takers and trail stops above and below my position, perhaps with the order of the trail stops reversed. I'm pretty sure this would work. |
| [2023-05-30 16:28:17] |
| John - SC Support - Posts: 36350 |
|
The start with, you can have a single Stop that is setup to cover "All OCO Groups". It sounds like your issue is with the following: "It will behave initially as a trail stop order. If the first profit taker is hit, the stop order will cross price and move a shorter distance from the former position of the profit taker ..." There is not a way, with the Trading Window, to setup the Stop as a Trailing Stop and then have the amount of trailing offset to be different once some condition is met. The trailing offset is only a single value. You might be able to get what you want by using the "Trade Management by Study". Refer to the following: Attached Orders: Study Controlled Targets and Stops But you will have to figure out a way to setup a study that changes to the positions you want as the conditions are met. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2023-05-31 11:44:58] |
| Ed Goppelt - Posts: 41 |
|
There is not a way, with the Trading Window, to setup the Stop as a Trailing Stop and then have the amount of trailing offset to be different once some condition is met. The trailing offset is only a single value.
Thanks for the clear reply. As I understand it, the Triggered Tailing Stop/Break Even functionality works as follows: A. Place Attached Triggered Trailing BUY Stop ====================================== 1. Assume a BUY order, single stop to cover all OCO groups 2. Stop Price = Parent Price + Stop Offset 3. Trigger Price = Parent Price + Trigger Offset 4. Market Price < Trail Price <= MarketPrice - Trail Offset 5. Behavior: ordinary stationery stop unless BE trigger price is triggered, in which case stop is moved by SC closer to the action. Apart from price change, stop's settings and behavior are not changed by SC. 6. Stop Price > Trigger Price > Parent Price B. Move to Breakeven for Stop Functionality =================================== 1. BE Trigger Price=Parent Price + Offset (Offset in Ticks Triggered) or OCO Level (OCO Group Triggered) 2. BE Types "Trail to Breakeven" or "Trail to Breakeven Level Offset" do not apply to the Stop Trigger Trail order. 3. New Stop Price = Breakeven + BE Level Offset 4. Stop does not yet begin to trail. C. Stop begins to trail 1. If (A)(3) Stop trigger price is met D. Stop triggers 1. If MP first descends to Stop's original stop loss location 2. If MP descends to Stop's New Breakeven location 3. While trailing Market Price, if MP descends to "profit preserving" stop BE Trigger Price < Stop Trigger Price < Old Stop Price 1. Is my understanding above correct? 2. Can BE Trigger Price < Parent Price be true? 3. Sequence of SC actions is determined by price, so "Move to Breakeven for Stop" functionality triggers first, then trail buy stop behavior is triggered. Both events are contingent on their triggers being met. 4. Can I safely create another Trail stop at the same level as the original triggered trailing stop assuming "Cancel orders on flat position" is checked? This would be done as an independent order, not a scaling out order. Thanks for your help understanding this order. There's certainly a lot going on here. |
| [2023-05-31 15:05:33] |
| John - SC Support - Posts: 36350 |
|
1. Without digging deep into every item, it appears to be correct. 2. The BE Trigger Price can be less than the original Parent Price. But this generally does not make any sense, as why would you want to trigger if the market is moving against your position (that is the whole point of the Stop in the first place). 3. Yes. 4. Yes, if we are understanding this correctly. Yes, there is a lot going on. Play with the different scenarios in Simulation Mode and use the Replay to find a time where the market is moving like you want so you can test the various items and see how they work for you. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2023-06-01 08:41:02] |
| Ed Goppelt - Posts: 41 |
|
John, thanks for taking a look. You clearly know the code like the back of your hand. I have a motto suggestion for SC: "not for babies". Re: complexity, this stop is probably the limit that I am willing to expend in the way of time and effort to understand SC. You must have heard of Unix's design philosophy: This is the Unix philosophy: Write programs that do one thing and do it well. Write programs to work together. Write programs to handle text streams, because that is a universal interface. The prevailing philosophy of the Unix operating system is simple: do one thing well.
Overall I love how SC has implemented orders. The scale-in/scale-out functionality is a particular favorite of mine: a feature that conceals complexity from me and takes care of the scut work behind the scenes. What software should be, IMO: helpful, intuitive and invisible. |
To post a message in this thread, you need to log in with your Sierra Chart account: